Financial Statement Analysis and Security Valuation (Int'l Ed)
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Financial Statement Analysis and Security Valuation (Int'l Ed) : International Edition

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Description

This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.
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Product details

  • Paperback | 766 pages
  • 202 x 250 x 24mm | 1,260.98g
  • McGraw Hill Higher Education
  • London, United States
  • English
  • 5th edition
  • w. figs.
  • 0071326405
  • 9780071326407
  • 95,047

Table of contents

List of Cases
List of Accounting Clinics
1 Introduction to Investing and Valuation
2 Introduction to the Financial Statements

PART ONE: Financial Statements and Valuation
3 How Financial Statements Are Used in Valuation
4 Cash Accounting, Accrual Accounting, and Discounted Cash Flow Variation
5 Accrual Accounting and Valuation: Pricing Book Values
6 Accrual Accounting and Valuation: Pricing Earnings
7 Valuation and Active Investing

PART TWO: The Analysis of Financial Statements
8 Viewing the Business Through the Financial Statements
9 The Analysis if the Statement of Shareholders' Equity
10 The Analysis of the Balance Sheet and Income Statement
11 The Analysis of the Cash Flow Statement
12 The Analysis of Profitability
13 The Analysis of Growth and Sustainable Earnings

PART THREE: Forecasting and Valuation Analysis
14 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
15 Anchoring on the Financial Statements: Simple Firecasting and SimpleForecasting 15 Full-Information Forecasting, Valuation, and Business Strategy Analysis

PART FOUR: Accounting Analysis and Valuation
17 Creating Accounting Value and Economics Value
18 Analysis of the Quality of Financial Statements

PART FIVE: The Analysis of Risk and Return
19 The Analysis of Equity Risk and Return for Active Investing
20 The Analysis of Credit Risk and Return

Appendix
A Summary of Formulas
Index
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About Stephen H. Penman

The George O. May Professor and the Morgan Stanley Research Scholar in the Graduate School of Business, Columbia University. He also serves as co-director of Columbia's Center for Excellence in Accounting and Security Analysis. Prior to his appointment at Columbia in 1999, Stephen Penman was the L.H. Penny Professor in the Walter A. Haas School of Business at the University of California at Berkeley. From 1990-95 he served a Chairman of the Professional Accounting Program and Chairman of the Accounting Faculty at Berkeley. He also initiated and chaired Berkeley's Annual Conference on Financial Reporting. He has served as a Visiting Professor at Columbia University and the London Business School of Economic. Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago.
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Rating details

103 ratings
4.12 out of 5 stars
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4 34% (35)
3 16% (16)
2 5% (5)
1 2% (2)
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